Posted in Cryptocurrency

Circle’s USDC benefited from Terra’s collapse

Speaking of stable coins if there is one issuer that has benefited from Terra’s collapse, it’s Circle this is not only because the resulting regulations will prevent competition, but also because it has allowed USDC to fill the void left by UST.

This was the headline from CoinDesk which asked the question of quote – whether decentralized Finance can mature with decentralized money at its core regarding USDC’s native expansion to Cosmos.

I suspect the answer is no, but it ultimately depends on who you ask.

In addition to Cosmos USDC will be expanding natively to Ethereum’s arbitrum near protocol, optimism and polkadot by the end of the year.

To clarify USDC’s native expansion to Cosmos won’t be taking place until sometime early next year.

USDC expanding to its blockchain should come as no surprise, that’s because a former Circle executive recently became the CEO of the near Foundation.

This is more significant than you think, because near protocol is eerily similar to Solana, the biggest difference is that near protocol doesn’t experience constant outages.

This has apparently been an issue for Circle 2 particularly since USDC was being heavily leveraged within Solana’s ecosystem as such it’s quite possible that near protocol could replace Solana as USDC’s de facto home chain.

For now though Ethereum continues to hold the Lion’s Share of the USDC in circulation.